ADNOC, Occidental to expand Al-Hosn capacity
Abu Dhabi National Oil Co (ADNOC) and USbased Occidental Petroleum said yesterday they planned to expand their Al Hosn gas facility, adding 50 percent more processing capacity. “The plant could become operational within the life span of ADNOC’s new five-year business plan - part of the company’s ‘2030 Strategy’ - which was recently approved by Abu Dhabi’s Supreme Petroleum Council,” ADNOC said in a statement. ADNOC holds a 60 percent share in the Al Hosn joint venture and Occidental Petroleum 40 percent. The project is vital for keeping the United Arab Emirates supplied with fuel and reducing its growing gas imports. The UAE is investing $35 billion to diversify its energy mix and reduce its dependence on natural gas imports for power generation, the country’s energy minister said on Sunday.
Aldar Properties Q3 net profit gains 17.9%
Abu Dhabi’s Aldar Properties reported a 17.9 percent increase in third-quarter attributable net profit yesterday, according to a bourse filing. Net profit attributable to the owners was 747.8 million dirhams ($203.6 million) for the three months to Sept. 30, compared with a profit of 634.3 million dirhams in the yearago period. Total net profit for the period rose 16 percent to 737.1 million dirhams, from 638.2 million dirhams in the corresponding three months of last year. SICO Bahrain forecast Aldar would make a quarterly profit of 480.26 million dirhams, and EFG Hermes expected earnings of 682.06 million dirhams.
Emaar Properties Q3 net profit up 36%
Dubai’s Emaar Properties, builder of the world’s tallest tower, reported a 36 percent increase in third-quarter net profit yesterday as revenue rose. The developer, in which Dubai’s government owns a minority stake, made a net profit of 1.15 billion dirhams ($313.1 million) in the three months to Sept. 30, it said in a bourse statement. That compares with a profit of 843 million dirhams in the year-earlier period. SICO Bahrain and EFG Hermes forecast Emaar would make a quarterly profit of 1.20 billion dirhams and 1.33 billion dirhams respectively. Emaar’s quarterly revenue was 3.85 billion dirhams, up 16 percent on the 3.33 billion dirhams recorded a year earlier.
Egypt gets offers from 7 wheat suppliers CAIRO/ABU DHABI:
Egypt’s state grain buyer GASC received offers from seven suppliers at its international wheat purchasing tender yesterday. The lowest offer was $186.98 a ton free-on-board (FOB) for 60,000 tons of Russian wheat and was presented by Engelhart Commodities Trading Partners (ECTP), traders said. GASC is holding a tender for an unspecified amount of wheat from global suppliers for shipment from Dec 1020 and results are due later. Egypt reversed a controversial ergot fungus specification in September, ending a saga that effectively cut off its access to global grains markets after suppliers refused to make offers. The reversal has helped GASC resume its purchases though the number of offers remains below the more than 15 typical at tenders before the controversy began.